EMI mortgage calculator: SBI increases interest rates! Check its impact on your monthly repayment

Home loan EMI calculator: The State Bank of India (SBI) increased its interest rate on home loans from the old concessional rate from 6.70 percent to 6.95 percent. India’s largest commercial bank website – sbi.co.in – has confirmed that the interest rate on SBI home loans starts at 6.95% per annum and the rates went into effect on April 1, 2021. The bank also made it clear that there would be no waiver of processing fees, which means that from April 1, 2021, SBI started charging 0.40% plus tax on the net mortgage amount as a processing fee.

SBI Home Loan IME Calculator
Thus, it becomes important for the SBI home loan borrower to know how much more he will have to repay in his home loan IME. So if someone took out an SBI home loan worth Rs 50 lakh for a period of 15 years the previous month at 6.70% per annum, then in this case the monthly EMI will be Rs 44 107. During this previous arrangement, the mortgage borrower was to pay Rs 29,39,257 in total interest over the life of the loan, i.e. the total payments made by the borrower will be from 79 39 257 Rs.

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Now when the SBI home loan has jumped to 6.95 percent per year. The same loan of Rs 50 lakh for a period of 15 years will require a monthly mortgage of Rs 44 802 EMI.

In this new mortgage interest rate scheme, a mortgage borrower will pay Rs 3064,317 as interest over the loan repayment period and the net payment made by the mortgage borrower will be 80 64,317 Rs.

Apart from this, the borrower will have to pay Rs 0.40% of Rs 50 lakh, or Rs 20,000 as a processing fee at the start of the loan.

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